Limit of Bitcoin
Crypto Trends & News

Bitcoin once again exceeds the US$30,000 barrier

Limit of Bitcoin Surpassed Once Again

The rise of Bitcoin is due to a possible court ruling that favors the use of these assets in exchange-traded funds. The move in Bitcoin, which accounts for about half of the crypto sector’s market value, helped spur a broader rally in smaller tokens. Ether rose 3.2%, while so-called altcoins such as Solana’s SOL and Polygon’s MATIC rose 7.8% and 4.4%, respectively.

The SEC on Thursday asked a federal judge to dismiss its case against Ripple co-founder Christian Larsen and CEO Bradley Garlinghouse, ending a lawsuit that accused the pair of misleading investors in the XRP cryptocurrency by selling over $1 B worth of tokens without registering them. The move was received positively by investors as a sign that the watchdog could soon take up a much bigger issue: whether it has the right to regulate crypto assets as securities.

By dropping the lawsuit, the SEC is free to focus on appealing a July ruling in which US District Judge Analisa Torres said that XRP was not a security when sold to the general public on crypto exchanges. An analysis by Bloomberg Intelligence on Thursday suggested that Ripple still has a 70% chance of prevailing against the SEC in the event of an appeal, although such a filing may not come until mid-to-late 2024.

“While beneficial to the crypto industry, the ruling in SEC v. It was a bit of a mixed result for Ripple,” said Elliott Z. Stein, senior litigation analyst at Bloomberg Intelligence. “On the one hand, its XRP token can be freely traded on secondary markets for now. On the other hand, Ripple may have to shell out up to $729 million in unregistered institutional sales and could be subject to sanctions. The next phase of the case will determine the solutions.”

Bitcoin’s previous move above $30,000 on Monday came after a media report falsely suggested that the SEC had approved its first exchange-traded fund tied directly to the price of Bitcoin, a sign of how eager investors are. Cryptocurrency investors see a product of this type outperform the market line.

“Institutional demand for a spot Bitcoin ETF is stronger than ever. For many institutions, it is a question of when, not if, the SEC will approve a spot in the Bitcoin ETF,” Diogo Monica, co-founder and president of the crypto bank Anchorage Digital, said in an email on Thursday. “At the end of the day, a spot Bitcoin ETF would bring us closer to a future where all major institutions can participate directly in the digital asset class.”

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